Countries such as Colombia, Brazil and Chile have currently worked on laws that regulate technology companies such as Bitso. Argentina is discussing a bill on the requirements that crypto asset companies must meet.
The regulation in the countries also occurred in the context of the bankruptcy -in 2022- of FTX, a crypto asset management firm, which caused a collapse in the value of bitcoin. Bitso, which was born in 2014, operates in Mexico, Argentina, Colombia and Brazil and has six million users in the region.
Felipe Vallejo commented that the list of eight points seeks to generate public policy proposals that are based on practice.
“It is difficult to make a general proposal for the entire region because each country also has its own realities,” he said.
For Vallejo, the objective of this list is also to put on the table the usefulness of the technology behind cryptocurrencies and the advances made in financial products such as sending remittances, with which in 2022 5% of the total number of transactions was carried out. shipments via the app.
What are the proposals?
Among the “best practices” that Bitso highlights are the safe custody of funds in digital wallets and the guarantee that client funds or resources will not be used without their consent.
They also talk about an inclusive financial system, which seeks to give people access to financial products with fewer requirements. Additionally, the anti-money laundering rules that are possible thanks to blockchain and highlight that last year 0.24% of the activities with cryptocurrencies will be used for illegal purposes
